Canada’s Fortuna Silver Mines to buy West Africa-focused miner

Photo: Fortuna

Canada’s Fortuna Silver Mines has it has reached an agreement to buy Canadian miner Roxgold under a deal estimated to be worth some C$ 1.1 billion (US$890 million).


The deal is to allow Fortuna Silver to create “a low-cost platform for gold and silver production growth in the world’s fastest growing pre-cious metals producing regions,” adding an anticipated gold equiva-lent production of about 450,000 oz per year, the business said in a statement.


Roxgold is a Toronto-based gold mining company with assets located in West Africa.


The acquisition is expected to bring “together two highly experienced management teams with track records of value creation in the Amer-icas and in West Africa: Fortuna will benefit from the in-region oper-ating experience of key members of Roxgold’s team,” according to the statement.